Grab EXTRA 10% OFF all Tangem products. Till Oct 25Sen. Daines unveils ADAPT Act for crypto tax reform
7.1 Regulation Sen. Daines introduced the ADAPT Act to exempt stablecoin payments from capital gains tax, extend wash-sale rules to digital assets, and clarify crypto tax rules.
Senator Steve Daines has introduced the ADAPT Act, a 56-page bill aimed at modernizing U.S. cryptocurrency taxation. The legislation proposes exempting gains or losses on eligible U.S. dollar stablecoin payments used for purchasing goods and services, particularly for transactions at or near $1, and for network fees of $10 or less. The bill also seeks to extend wash-sale and constructive-sale rules to most digital assets, excluding qualified stablecoins, to address tax-loss harvesting. It sets eligibility criteria for stablecoin issuers and clarifies tax treatment for activities such as staking, mining, lending, and network fees. Supported by several Republican senators but no Democrats, the ADAPT Act's future remains uncertain after the midterm elections. The act aims to reduce tax burdens for consumers, encourage stablecoin adoption in daily transactions, and stimulate the stablecoin sector through favorable tax treatment and clearer regulatory guidance.
